81-14-385 - Savings accounts as legal investments and as security for bonds.
§ 81-14-385. Savings accounts as legal investments and as security for bonds.
(1) Administrators, executors, custodians, guardians, trustees, pension funds and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, credit unions and all other types of financial institutions, charitable, educational and eleemosynary institutions and organizations hereby are specifically authorized and empowered to invest funds held by them, without any order of any court, in savings accounts of savings banks which are under state supervision, and in accounts of insured savings banks. Such investments shall be deemed and held to be legal investments for such funds. With respect to investments by custodians, savings banks hereby are deemed to be qualified institutions within the meaning of that term as used in the Uniform Gifts to Minors Law of this state.
(2) The provisions of this section are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
Sources: Laws, 1992, ch. 489, § 101; reenacted without change, Laws, 1997, ch. 364, § 103; reenacted without change, Laws, 2001, ch. 457, § 103, eff from and after July 1, 2001.